U.S. Energy Giant Fixes Rates Ahead Of Debt Issues

Southern Co., the holding company of several electricity distributors including Alabama Power and Georgia Power, has entered floating-to-fixed interest-rate swaps with a USD470 million notional size to lock in rates ahead of a planned debt issue.

  • 14 Mar 2004
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Southern Co., the holding company of several electricity distributors including Alabama Power and Georgia Power, has entered floating-to-fixed interest-rate swaps with a USD470 million notional size to lock in rates ahead of a planned debt issue. Todd Perkins, manager in credit and risk oversight in Atlanta, said the swaps were executed in anticipation of two Alabama Power bonds sales later in the year. Locking in a fixed rate removes any uncertainty from the transaction, he said. Gaining protection against a possible rate hike may be an extra benefit, he added.

The energy giant entered a five-year swap for USD250 million and a three-year swap for USD220 million, however, this might not be the exact size of the bond issues, Perkins noted.

Perkins said it entered the swaps with several counterparties and they were chosen according to price. He declined to name the firms.

  • 14 Mar 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%